The ECOWAS Bank for Investment and Development (EBID) has approved a total financing package of $268.631 million for three strategic development projects in Taraba State, Nigeria. This substantial commitment, which represents the largest share of a total $308.631 million financing approved by the Bank, is earmarked to accelerate industrialisation, boost agricultural output, and enhance clean energy supply in the state, according to official statements issued following the approval.
The financing was endorsed during the 93rd Ordinary Session of the EBID Board of Directors, which convened at the Bank's headquarters in Lomé, Togo, on Monday, September 29, 2025. The approved funds are designated for three specific high-impact initiatives within Taraba State.
The first project, a 50 Megawatt (MW) Solar Photovoltaic Power Plant, received an allocation of $98.18 million. The primary objective of this project is to augment the supply of reliable, clean electricity, thereby spurring inclusive economic development, alleviating energy poverty, and improving environmental sustainability. Projections from the Bank anticipate that the plant will provide direct electricity access to approximately 390,000 individuals, enhance power reliability for at least 200 public institutions, and create 400 direct jobs during the construction phase, alongside an estimated 50 permanent operational roles.
The second major initiative is a Modern Rice Processing Complex and a 10,000-Hectare Irrigated Rice Production Unit. This agricultural undertaking secured $79.219 million in funding. The facility is designed to significantly elevate local rice production capacity and processing efficiency, which will ultimately strengthen food self-sufficiency, invigorate the agricultural sector, and support the state's broader economic advancement.
Rounding out the approvals is a Taraba State Industrial Park, which was allocated $91.232 million. This park is conceived as an integrated industrial ecosystem intended to accelerate local industrialisation and economic diversification.
Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, emphasised that the newly approved financing will advance strategic public and private sector initiatives that are aligned with the Bank's core mandate to promote sustainable development throughout the ECOWAS region by strengthening regional integration and fostering economic resilience.